Top 5 features and benefits of accounting software

Businesses or enterprises are migrating from manual accounting/ bookkeeping to smart solutions.Digital platforms are leading their way into the accounting and billing industry, where manual spreadsheets are becoming outdated now and the demand for smart accounting solutions is growing. Cloud-based accounting is gaining momentum across every industry by reducing manual errors, speeding up processes, and presenting financial insights.

But, with too many digital accounting solutions in the market, it’s difficult to find which one to choose. Before selecting the accounting and billing software, it’s crucial to understand the best features of the accounting and billing application.

This blog will guide you through features, benefits, best practices, and why you need one. Let’s scroll down to see in detail.

Why Do You Need Accounting Solution? 

Top 5 Features to Look for in an Accounting Application! 

Invoicing and Billing 

• Invoicing software in a cloud-based digital accounting platform that speeds up billing during checkouts.
• This feature allows you to customize invoices based on your brand theme, add company name, payment links, compliance guidelines, and other fields based on your requirements.
• Automate hours of manual work, save efforts on recurring tasks, and initiate bulk billing to ensure quicker processes.
• The invoicing feature ensures 100% accuracy in GST rates applied, product details fetched, and gives tax breakdowns for the products.
• Avoid paper clutter with digitized invoices and share them through WhatsApp instantly. 

Inventory Management Solution

• Instant inventory alerts navigate you through streamlined warehouse management avoiding stockouts or overstocks.
• Inventory management software opens the gateway to data-backed insights into customer buying patterns helping you to optimize your sales strategy. 
• For businesses dispersed across locations or stores, inventory can be tracked and managed from a single dashboard.
• It also monitors products close to expiry date, enabling businesses to define strategies for freeing them up and reducing wastage. 

Record Maintenance 

• Bookkeeping software stores all your  sales, purchase, expense, compliance, and other business data at a centralized location ensuring effortless access.
• Auto-fill records ensuring precision and reducing discrepancies due to mismatched records, missed entries, etc.
• Recover past invoices, ledger reports, and financial statements with just a few clicks.
• The bookkeeping software tracks transactions with date, time, and user details, integrating transparency and accountability.
• Well-organized records offer insights into income, expenses, and profitability to plan finances better.  

Monitor Liabilities and Incoming Payments 

• Monitor all outstanding debts and incoming payments for better cash flow management and avoid monetary crunch. 
• Auto prompt customers and vendors for unsettled invoices, awaiting vendor transactions, and payment recoveries – to eradicate delayed payments and strengthen long-term relationships.
• The software shows outstanding bills, overdue invoices, and payable schedules in real-time, ensuring quick financial decisions.
• Predict profits, designate funds, and control operational capital efficiently by getting a clear view of payables and receivables.

Expense Tracking 

• Get in-depth visibility into spending on business operations with expense tracking features. 
• Categorize and store every expense entry to keep data audit-ready for compliance requirements. 
• Ensure better cash flow control by eliminating unwanted expenses and making optimum use of resources. 

Now, as we have seen 5 features that should top your checklist while choosing an accounting platform, it’s time to understand the benefits a digital accounting solution serves. 

5 Benefits of a Cloud-based Accounting Application 

Remote Collaboration

• Remotely access all the software features and your financial data  from anywhere and at any time. 
• Work remotely with your team and ensure seamless financial operations irrespective of place, time, and device. 

Saves Time and Effort 

• Manual bookkeeping or invoicing is time-consuming; digital accounting solutions automate the tasks and save time as well as effort.
• Also, for inventory management, automated stock alerts ease keeping a track of warehouse operations and eliminate stockouts or overstock situations. 

Reports and Dashboard 

• Get audit-ready reports for sales, purchases, expenses, inventory, etc., in just a few clicks and derive insights from the reports.
• Dashboard in the accounting solution gives a clear overview of your financial records at a glance.
• The insightful reports and dashboard assist you in analyzing the trends and strategizing inventory and sales to boost profits. 

Digital Workplace 

• The accounting and billing application eliminates carbon footprint through digitized processes. 
• It replaces paper billing, diary work or balance sheet data entry, and other paper-based tasks with a digitized ecosystem.
• With digital accounting, billing, and invoicing, you don’t need to worry about lost receipts, scanning of multiple documents to retrieve data, and physical copy of files for signatures. 

Data Security 

• Your confidential data is secure with a cloud-based accounting system as it allows only authenticated access to the data. 
• Most of these solutions are integrated with multi-layer security protocols, encryption standards, user authentication, and more to prevent hacking attempts. 

5 Tips to Choose Accounting and Billing Software

Why Should Munim Be Your Choice? 

1. 100% Accuracy in accounting computations
2. Intuitive Interface that simplifies complicated process 
3. Free-trials and Demos 
4. Competitive Pricing in the Market 
5. 35+ Financial reports 
6. One-stop-shop for accounting, billing, record keeping, and inventory.

Let’s Conclude!

Accounting, billing, and bookkeeping solutions form the crux of a company’s financial journey. So, while choosing one it is important to see what features your accounting platform offers. Invoicing, inventory, expense tracking, bookkeeping, and accounts payable receivable are the important features you should look for in every software. 

The blog navigates you through importance, features, benefits, and tips- All-in-one solution before you plan to purchase accounting. Save the blog right away, and get started with your hunt to look for the best accounting and billing solution in India. 

Looking for an online accounting solution, try Munim – one-stop solution for accounting and billing.Want to get a free-trial? Start today. 

FAQs

1. What functions does  an online accounting  serve? 

•  Accounting
• Billing and Invoicing 
• Inventory management 
• Record Keeping 
• Procurement management 
• Accounts payable and receivable 
• Expense tracking
• Cash flow management 

2. What is the purpose of an online accounting platform? 

The objective behind online accounting solutions is to get insights into financial data and accurately track cashflow and forecast budget. It aims to streamline accounting, billing, and all other financial tasks.

3. Which are the top 5 software to consider for accounting? 

• Tally 
• Vyapar
• The Munim 
• myBillBook 
• Zoho Books